General Dynamics 2013 Annual Report Download - page 42

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31
(Dollars in millions) 2011 2012 2013
Cash flows from operating activities:
Net earnings (loss) $ 2,526 $ (332) $ 2,357
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation of property, plant and equipment 354 386 393
Amortization of intangible assets 238 234 163
Goodwill and intangible asset impairments 111 2,295 –
Stock-based compensation expense 128 114 120
Excess tax benefit from stock-based compensation (24) (29) (23)
Deferred income tax (benefit) provision 14 (148) 104
Discontinued operations, net of tax 26 – 129
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable (397) 240 (205)
Contracts in process (62) 149 177
Inventories (186) (478) (200)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable 17 (441) (223)
Customer advances and deposits 629 730 330
Other current liabilities 86 22 (126)
Other, net (222) (55) 110
Net cash provided by operating activities 3,238 2,687 3,106
Cash flows from investing activities:
Capital expenditures (458) (450) (440)
Purchases of available-for-sale securities (373) (252) (135)
Sales of available-for-sale securities 107 186 99
Maturities of available-for-sale securities 235 110 14
Business acquisitions, net of cash acquired (1,560) (444) (1)
Purchases of held-to-maturity securities (459) (260) –
Maturities of held-to-maturity securities 441 224 –
Sales of held-to-maturity securities – 211 –
Other, net 93 19 96
Net cash used by investing activities (1,974) (656) (367)
Cash flows from financing activities:
Purchases of common stock (1,468) (602) (740)
Dividends paid (673) (893) (591)
Proceeds from option exercises 198 146 583
Repayment of fixed-rate notes (750) (2,400) –
Proceeds from fixed-rate notes 1,497 2,382 –
Other, net (5) (15) 23
Net cash used by financing activities (1,201) (1,382) (725)
Net cash used by discontinued operations (27) (2) (9)
Net increase in cash and equivalents 36 647 2,005
Cash and equivalents at beginning of year 2,613 2,649 3,296
Cash and equivalents at end of year $ 2,649 $ 3,296 $ 5,301
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
38 General Dynamics Annual Report 2013